[Form 4] NATIONAL HEALTHCARE CORP Insider Trading Activity

Rhea-AI Filing Summary

National Healthcare Corp. insider transaction: A Form 4 reports that CEO and director Stephen Flatt disposed of 450 shares of National Healthcare Corp. common stock on 12/29/2025 in a transaction coded “G” at a reported price of $0, typically indicating a gift. Following this transaction, he beneficially owns 60,171 shares of common stock directly.

The filing also lists stock options held directly by the reporting person: an option to purchase 6,147 shares at an exercise price of $53.94 exercisable from 03/08/2024 and expiring 03/08/2028; an option to purchase 10,000 shares at $94.10 exercisable from 03/05/2025 and expiring 03/05/2029; and an option to purchase 18,000 shares at $90.62 exercisable from 02/28/2026 and expiring 02/28/2030.

Insider Trade Summary

450 shares gifted

Mixed 4 txns

Insider Flatt Stephen Fowler

Role CEO

Type	Security	Shares	Price	Value
Gift	Common Stock	450	$0.00	--
holding	Option to Purchase Common Stock	--	--	--
holding	Option to Purchase Common Stock	--	--	--
holding	Option to Purchase Common Stock	--	--	--

Holdings After Transaction: Common Stock — 60,171 shares (Direct); Option to Purchase Common Stock — 6,147 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Flatt Stephen Fowler

(Last) (First) (Middle)

100 VINE STREET

(Street)

MURFREESBORO TN 37130

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL HEALTHCARE CORP [ NHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/29/2025		G		450	D	$0	60,171	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option to Purchase Common Stock	$53.94							03/08/2024	03/08/2028	Common Stock	6,147		6,147	D
Option to Purchase Common Stock	$94.1							03/05/2025	03/05/2029	Common Stock	10,000		10,000	D
Option to Purchase Common Stock	$90.62							02/28/2026	02/28/2030	Common Stock	18,000		18,000	D

Explanation of Responses:

	/s/ Stephen Flatt	12/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed this Form 4 for NATIONAL HEALTHCARE CORP (NHC)?

The Form 4 was filed by Stephen Flatt, who is identified as a Director and Officer (CEO) of National Healthcare Corp.

What equity transaction did NHC CEO Stephen Flatt report on 12/29/2025?

Stephen Flatt reported a transaction on 12/29/2025 coded “G”, disposing of 450 shares of National Healthcare Corp. common stock at a reported price of $0, which typically reflects a gift.

How many NHC common shares does Stephen Flatt own after this reported transaction?

After the 12/29/2025 transaction, Stephen Flatt beneficially owns 60,171 shares of National Healthcare Corp. common stock, held with a direct ownership form.

What stock options for NHC common stock does Stephen Flatt hold?

He holds options to purchase: 6,147 shares at $53.94 (exercisable from 03/08/2024 to 03/08/2028), 10,000 shares at $94.10 (from 03/05/2025 to 03/05/2029), and 18,000 shares at $90.62 (from 02/28/2026 to 02/28/2030).

What is the ownership form of the securities reported by Stephen Flatt in this Form 4?

Both the 60,171 common shares and all listed stock options are reported with Direct (D) ownership.

What does transaction code “G” indicate for the NHC shares in this filing?

The transaction is coded “G”, which in Form 4 reporting is used for bona fide gifts of securities, consistent with the reported $0 price for the 450 shares.